TIDMCHAR
RNS Number : 9666X
Chariot Limited
02 May 2023
2 May 2023
Chariot Limited
("Chariot", the "Company")
Partnership Agreement between Chariot and Vivo Energy
to Develop Gas to Industry Market in Morocco
Further commercialisation of future Anchois gas production
Chariot Limited (AIM: CHAR), the Africa focused transitional
energy company, is pleased to announce it has entered into a
partnership agreement with Vivo Energy ("Vivo Energy") with the
objective of creating a midstream joint venture that will oversee
the distribution of natural gas to industrial customers in Morocco.
Vivo Energy , the market-leading, pan-African retailer and
distributor of high-quality fuels and lubricants has a
long-standing presence in Morocco's petroleum products' sector,
operating a network of over 400 service stations and supplying
commercial and industrial customers across a number of sectors in
the Kingdom.
The objectives of the partnership will be to:
-- implement a gas-to-industry business in Morocco through the development of marketing and commercialisation of natural gas to industrial customers;
-- establish a jointly owned special purpose vehicle for the
purchase, transportation and distribution of natural gas to
end-users; and
-- put in place a long-term gas sales agreement for a portion of
the future gas production from the Anchois development project
("Anchois") .
Adonis Pouroulis, Chariot CEO, commented:
"We are delighted to be partnering with Vivo Energy, a company
which has an extensive footprint in Morocco and the African
continent, to develop and deliver a long-term supply of natural gas
across the rapidly growing industrial sector in country.
"Morocco's significant industrial gas demand, which this
partnership will supply into, further supports the commercial
viability of the Anchois project. This agreement confirms the
priority given by Chariot to the Moroccan energy market, expands
upon our other existing sales negotiations around future offtakes
for the gas from the Anchois gas field and sets out a collaborative
partnership with one of the continent's leading energy
distributors, as we continue to develop this high margin low risk
asset ."
Stan Mittelman, Vivo Energy CEO, commented:
"We are very pleased to be entering into this partnership. We
will work closely with Chariot to jointly leverage our position in
Morocco, giving us the opportunity to offer a cleaner and more
competitive source of energy for our industrial customers.
" Further development of the country's mid and downstream
infrastructure will also facilitate the distribution and increased
use of this important domestic resource over the longer term as the
industrial gas markets continue to mature . We are confident that
the development of the Anchois field, combined with the advancement
of Morocco's gas market, will further accelerate the country's
industrial roadmap towards becoming a less carbon intensive
economy, and supporting its export strategy."
Pierre Raillard, Chariot Morocco Managing Director,
commented:
"Partnering with Vivo Energy to deliver this gas to industry
creates additional scope for the future production from Anchois. A
key part of our strategy in Morocco is to promote energy
self-sufficiency and be a catalyst for growth and we are very
pleased to be working together to deliver this important domestic
resource directly into the country's gas-hungry industrial
sector."
Peyami Oven, Vivo Energy Maroc MD, commented:
"This partnership is central to support industrials' transition
to a lower carbon source of energy. Development of a
gas-to-industry market will enable our existing and potential
customers to have access to an abundant and cost competitive source
of domestic gas. Together with Chariot, our partnership is built on
strong expertise and a deep knowledge of the Moroccan market and
the latest gas technologies. This makes us well positioned to offer
best in class and fit for purpose energy solutions to a large
spectrum of industries in Morocco."
Enquiries
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
Cenkos Securities Plc (Nomad and Joint Broker)
Derrick Lee, Adam Rae + 44 (0)20 7397 8900
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton Clanfield +44 (0) 20 7710 7760
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea +44 (0)20 8434 2754
Vivo Energy Maroc
Hind Mejjati Alami +212 660 41 44 61
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused transitional energy group with
three business streams, Transitional Gas, Transitional Power and
Green Hydrogen.
Chariot Transitional Gas is focused on a high value, low risk
gas development project offshore Morocco in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free
cashflow and material exploration upside.
Chariot Transitional Power is focused on providing competitive,
sustainable and reliable energy and water solutions across the
continent through building, generating and trading renewable
power.
Chariot Green Hydrogen is partnering with Total Eren and the
Government of Mauritania on the potential development of a 10GW
green hydrogen project, named Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
About Vivo Energy
Vivo Energy operates and markets its products in countries
across North, West, East and Southern Africa. The Group has a
network of over 2,600 service stations in 23 countries operating
under the Shell and Engen brands and exports lubricants to a number
of other African countries. Vivo Energy is part of Vitol, the
global energy and commodities trading group.
Its retail offering includes fuels, lubricants, card services,
shops, restaurants and other non-fuel services. It provides fuels,
lubricants, liquefied petroleum gas (LPG), and solar energy
solutions to business customers across a range of sectors including
marine, mining, construction, power, transport, wholesalers and
manufacturing.
The Company employs around 2,800 people, has access to over
1,000,000 cubic metres of fuel storage capacity and has a joint
venture, Shell and Vivo Lubricants B.V., that sources, blends,
packages and supplies Shell-branded lubricants.
For more information about Vivo Energy, please visit
www.vivoenergy.com
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